L
Seller's Agent in 2017
Logan Altman
Altman Apartments LLC
(310) 903-0222
1 Total Sale
2107 E Cesar e Chavez Ave Los Angeles, CA 90033
Estimated Value: $5,673,181
3
Beds
3
Baths
12,352
Sq Ft
$459/Sq Ft
Est. Value
About This Home
As of September 2017This property was originally built as The Vinograd Hotel ( Grapes in Russian) in 1927 and includes 27 apartment units and three retail spaces. The property underwent a renovation in 2016 which included the fully permitted addition of kitchens to all 25 studio units. The unit mix also includes one 2 bd / 1 ba apartment and one 1 bd / 1 ba apartment for a total of 27 residential units and three retails units (yogurt shop, cell phone shop and apparel kiosk). 21 out of the 27 residential units have been renovated within the last two years. All residential utilities are master metered and 20 of the units are currently rented fully furnished. The property is being offered at an attractive 5.32% cap rate and 10.46 gross rent multiplier with the potential to achieve an additional 14.5% upside in rents with annual 5% rent controlled increases for residential tenants and renegotiation of under market retail lease. Buyer must do their own due diligence and independently verify all information. Do not walk property or talk to tenants or onsite manager, property tour with accepted offer only. The property’s location is in the heart of Boyle Heights on Cesar Chavez Avenue between St Louis St & Chicago St, a vibrant pedestrian oriented neighborhood with great access to public transportation, shops, and restaurants adjacent to DTLA’s burgeoning Art’s District. Cesar Chavez Avenue is an extension of Sunset Blvd east of Figueroa Street and was originally named “Brooklyn Avenue.”
Last Agent to Sell the Property
Altman Apartments LLC License #01965826 Listed on: 06/07/2017
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $51,952
Year Built
- Built in 1927
Lot Details
- 7,500 Sq Ft Lot
- No Common Walls
- Density is over 40 Units/Acre
Interior Spaces
- 12,352 Sq Ft Home
- 2-Story Property
Bedrooms and Bathrooms
- 3 Bedrooms
- 3 Bathrooms
Location
- Urban Location
Listing and Financial Details
- Tax Lot 003
- Tax Tract Number 14
- Assessor Parcel Number 5175014003
Community Details
Overview
- 30 Units
Building Details
- 30 Leased Units
- Rent Control
- 3 Separate Electric Meters
- 1 Separate Gas Meter
- 1 Separate Water Meter
- Cable TV Expense $6,300
- Electric Expense $24,058
- Fuel Expense $3,243
- Insurance Expense $8,716
- Maintenance Expense $18,900
- Pest Control $900
- Professional Management Expense $17,337
- Trash Expense $5,386
- New Taxes Expense $49,138
- Operating Expense $136,477
- Gross Income $346,741
- Net Operating Income $210,264
Ownership History
Date
Name
Owned For
Owner Type
Purchase Details
Listed on
Jun 7, 2017
Closed on
Nov 17, 2017
Sold by
Tiao William
Bought by
Evergreen 888 Llc
Seller's Agent
Logan Altman
Altman Apartments LLC
List Price
$3,950,000
Sold Price
$3,750,000
Premium/Discount to List
-$200,000
-5.06%
Current Estimated Value
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$1,923,181
Avg. Annual Appreciation
5.44%
Purchase Details
Listed on
Jun 7, 2017
Closed on
Sep 22, 2017
Sold by
Tiao Diana Fang
Bought by
Tiao William
Seller's Agent
Logan Altman
Altman Apartments LLC
List Price
$3,950,000
Sold Price
$3,750,000
Premium/Discount to List
-$200,000
-5.06%
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$2,350,000
Interest Rate
3.89%
Mortgage Type
Commercial
Purchase Details
Listed on
Jun 7, 2017
Closed on
Sep 7, 2017
Sold by
Thirdsies Llc
Bought by
Tiao William and Tiao Joe Ming Hwa
Seller's Agent
Logan Altman
Altman Apartments LLC
List Price
$3,950,000
Sold Price
$3,750,000
Premium/Discount to List
-$200,000
-5.06%
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$2,350,000
Interest Rate
3.89%
Mortgage Type
Commercial
Purchase Details
Closed on
Jun 15, 2015
Sold by
Soleymani Bijan
Bought by
Thirdsies Llc
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$1,661,000
Interest Rate
3.81%
Mortgage Type
Commercial
Purchase Details
Closed on
Aug 10, 2009
Sold by
Soleymani Bijan
Bought by
Soleymani Bijan and Samikh Azam
Purchase Details
Closed on
Jan 5, 2007
Sold by
2107 Cesar Chavez Llc
Bought by
Soleymani Bijan
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$1,250,000
Interest Rate
6.12%
Mortgage Type
Commercial
Purchase Details
Closed on
Jul 15, 2004
Sold by
Obrien Thomas P
Bought by
2107 Cesar Chavez Llc
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$1,228,000
Interest Rate
6%
Mortgage Type
Commercial
Purchase Details
Closed on
Jun 11, 2002
Sold by
Quezada Salvador M
Bought by
Obrien Thomas P and Obrien Alice M
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$532,603
Interest Rate
6.86%
Mortgage Type
Commercial
Create a Home Valuation Report for This Property
The Home Valuation Report is an in-depth analysis detailing your home's value as well as a comparison with similar homes in the area
Home Values in the Area
Average Home Value in this Area
Purchase History
| Date | Buyer | Sale Price | Title Company |
|---|---|---|---|
| Evergreen 888 Llc | -- | None Available | |
| Tiao William | -- | Old Republic Title Company | |
| Tiao William | $3,750,000 | Old Republic Title Company | |
| Thirdsies Llc | $2,215,000 | Provident Title Company | |
| Soleymani Bijan | -- | None Available | |
| Soleymani Bijan | $1,700,000 | Provident Title Company | |
| Soleymani Bijan | -- | None Available | |
| 2107 Cesar Chavez Llc | -- | United Title Company La | |
| Obrien Thomas P | $697,000 | Chicago Title |
Source: Public Records
Mortgage History
| Date | Status | Borrower | Loan Amount |
|---|---|---|---|
| Open | Evergreen 888 Llc | $2,800,000 | |
| Previous Owner | Tiao William | $2,350,000 | |
| Previous Owner | Thirdsies Llc | $1,661,000 | |
| Previous Owner | Soleymani Bijan | $1,250,000 | |
| Previous Owner | 2107 Cesar Chavez Llc | $1,228,000 | |
| Previous Owner | Obrien Thomas P | $532,603 | |
| Previous Owner | Quezada Salvador M | $297,000 |
Source: Public Records
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 09/27/2017 09/27/17 | Sold | $3,750,000 | -5.1% | $304 / Sq Ft |
| 07/20/2017 07/20/17 | Pending | -- | -- | -- |
| 06/07/2017 06/07/17 | For Sale | $3,950,000 | -- | $320 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
Tax History Compared to Growth
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2025 | $51,952 | $4,266,855 | $853,369 | $3,413,486 |
| 2024 | $51,952 | $4,183,192 | $836,637 | $3,346,555 |
| 2023 | $50,956 | $4,101,170 | $820,233 | $3,280,937 |
| 2022 | $48,612 | $4,020,755 | $804,150 | $3,216,605 |
| 2021 | $47,981 | $3,941,918 | $788,383 | $3,153,535 |
| 2019 | $46,558 | $3,825,000 | $765,000 | $3,060,000 |
| 2018 | $46,336 | $3,750,000 | $750,000 | $3,000,000 |
| 2017 | $28,791 | $2,293,753 | $1,164,999 | $1,128,754 |
| 2016 | $28,043 | $2,248,778 | $1,142,156 | $1,106,622 |
| 2015 | $23,471 | $1,865,000 | $850,000 | $1,015,000 |
| 2014 | -- | $1,670,000 | $760,000 | $910,000 |
Source: Public Records
Agents Affiliated with this Home
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: SR17127823
APN: 5175-014-003
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Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
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